Setco Automotive Ltd

Setco Automotive Acquires Full Ownership of Lava Cast Private Limited 🔄

- Setco Automotive Limited's Board of Directors approved the acquisition of additional shares in Lava Cast Private Limited (LCPL), making it a wholly owned subsidiary.

- Acquired 1,34,60,000 equity shares (10.31% stake) from Setco Auto Systems Private Limited (SASPL) for ₹1.

- Acquired 5,000 equity shares (0.005% stake) from Mr. Mohsin Virani for ₹1.

- Acquired 5,000 equity shares (0.005% stake) from Mr. Nisar Husein S Virani and Mrs. Khairunisa N Virani for ₹1.

- Purchased 1,40,000 Non-Convertible Debentures (NCDs) of LCPL from SASPL for ₹1.

- Assigned an unsecured loan of ₹97.56 Crores from SASPL to LCPL, making Setco Automotive the lender for ₹1.

- LCPL is an auto component manufacturer with a paid-up share capital of ₹13,056 Lakhs and turnover of ₹8,737.90 Lakhs for FY 2024-25.

- The transactions are part of group-level financial restructuring to simplify corporate structure and improve balance-sheet transparency.

- All transactions are related party but conducted at arm's length, with no governmental approvals required.